PROFESSIONAL ACCOUNTING STANDARDS COMPLIANCE ANALYSIS
Professional accounting standards are complex, and they can vary widely depending on the industry, geographic location, or type of organization involved in an accounting malpractice claim.
At FSS, our team has unparalleled knowledge not only of the generally accepted accounting principles (GAAP) issued at the national level, but of the full range of accounting industry, private company, state and local standards as well.
This means we are able to provide expert analyses and opinions to help assess whether CPAs have met the professional requirements that may be pertinent to an accounting malpractice claim. And our expertise is trusted by plaintiffs bringing accounting malpractice claims, and by attorneys defending them.
FOR LAWYERS PURSUING AN ACCOUNTING MALPRACTICE CLAIM
Litigators prosecuting a claim often need assistance uncovering causes of action in an accounting malpractice case. Our team investigates, analyzes and provides expert opinions on whether CPAs followed professional standards or had a duty to detect fraud during the course of their accounting work.
We assist lawyers in identifying:
- fraud schemes that were not uncovered in a financial statement audit or review
- fraud schemes that were not uncovered in a compilation engagement
- failures by CPAs to follow professional standards
- failures by accountants to comply with regulatory procedures.
- failures by accountants to uncover or properly disclose conflicts of interest
- frauds committed by the accountant
- negligence or gross negligence.
FOR COUNSEL DEFENDING CPAs AGAINST A MALPRACTICE CLAIM
Certified public accountants exposed to a professional malpractice claim need to establish their defenses with the aid of a legal professional. FSS routinely assists defense lawyers in analyzing procedures performed by the CPA to help them fight back against unwarranted claims.
Among other issues, our team can help defense counsel determine:
- whether the accountant failed to meet professional standards of care and whether those actions may have caused damages.
- the scope of the accountant’s engagement and whether the accountant lived up to the terms of an engagement.
- the presence of defenses for claims alleged against CPAs.
As part of the investigation and analysis process, our team assists counsel by:
- conducting interviews of the key witnesses who worked on an engagement.
- gathering and analyzing relevant documents and data, including physical and electronic information.
- assisting in determining potential damages that may be sought or in estimating the size and scope of a settlement.
- offering a recommendation about the viability of a claim to assist plaintiffs in deciding whether to pursue a case or defendants in deciding if they should settle.
An analysis of professional accounting standards compliance by FSS can provide attorneys and their clients with a factual basis for claims and defenses.
To learn more about how we assist attorneys and CPAs with malpractice claims, schedule a call with an expert. Learn more about the accounting malpractice claims process via this tip sheet prepared by our team.
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